Legal & General Group Plc Purchases 129,153 Shares of Cenovus Energy Inc $CVE

Legal & General Group Plc increased its position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 2.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,158,754 shares of the oil and gas company’s stock after acquiring an additional 129,153 shares during the period. Legal & General Group Plc’s holdings in Cenovus Energy were worth $70,060,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Atlantic Union Bankshares Corp bought a new stake in shares of Cenovus Energy in the 2nd quarter worth $27,000. Ridgewood Investments LLC bought a new position in shares of Cenovus Energy during the second quarter valued at $27,000. Allworth Financial LP boosted its position in shares of Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 1,168 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Cenovus Energy during the first quarter valued at $42,000. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in Cenovus Energy by 190.1% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 5,988 shares of the oil and gas company’s stock worth $81,000 after buying an additional 3,924 shares in the last quarter. 51.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on CVE shares. TD Securities restated a “buy” rating on shares of Cenovus Energy in a research note on Tuesday, September 30th. BMO Capital Markets set a $29.00 target price on shares of Cenovus Energy in a report on Monday, November 17th. National Bank Financial raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, August 22nd. Jefferies Financial Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Tuesday, September 2nd. Finally, Royal Bank Of Canada boosted their target price on Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, November 17th. Four analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $25.67.

Cenovus Energy Price Performance

CVE stock opened at $17.43 on Wednesday. Cenovus Energy Inc has a 12 month low of $10.23 and a 12 month high of $18.75. The company has a 50-day moving average price of $17.36 and a 200 day moving average price of $15.64. The stock has a market cap of $32.95 billion, a PE ratio of 17.26 and a beta of 0.86. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12. The firm had revenue of $10.87 billion for the quarter, compared to the consensus estimate of $12.51 billion. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.The company’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 earnings per share. Equities research analysts anticipate that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Monday, December 15th. Cenovus Energy’s dividend payout ratio is currently 45.90%.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.